Regulation Compliance in BFSI Sector

A bank implementing robust anti-money laundering (AML) procedures to meet the requirements set by financial regulatory bodies.

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A financial institution facing fines and reputational damage for failing to adhere to data protection regulations such as GDPR.

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No, regulatory affairs typically involves shaping and influencing regulatory policies and procedures, while compliance is about adhering to these rules.

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Compliance refers to meeting legal and regulatory requirements, whereas standards are established norms or criteria within an industry that organizations aim to meet.

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The Sarbanes-Oxley Act, which mandates strict reforms to improve financial disclosures from corporations and prevent accounting fraud.

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A pharmaceutical company adhering to the Food and Drug Administration (FDA) guidelines for drug safety and efficacy in their operations.

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Regulatory risk arises from changes in laws and regulations that could impact an organization's operations, while compliance risk stems from the possibility of legal or regulatory sanctions due to failing to follow laws or regulations.

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